Driven by worsening market sentiment, Bitcoin dipped below $70,000 on Tuesday for the first time since April.

Per data from Coin Metrics, Bitcoin slumped more than 5% to $67,692.76.

The downtrend started on Monday after Bitcoin reserve pioneer Strategy disclosed partial Bitcoin disposals, its first sell-off since 2022. Despite prior advance notice, the shift away from founder and CEO Michael Saylor’s iconic mantra “never sell your Bitcoin” spooked investors.

The sell-off triggered cascading long liquidations and intensified downside pressure. Leveraged bull traders were forced to close positions automatically by exchanges to cover losses. According to CoinGlass, long liquidations across crypto exchanges hit $594 million in the past 24 hours.